Market Herald logo

Subscribe

Be the first with the news that moves the market
  • PowerBand Solutions (PBX) has united with RouteOne LLC, to make Powerband’s cloud-based sales and leasing platform available in Canada and the U.S.
  • MUSA Auto Finance LLC’s transaction technology will also be available through RouteOne’s platform.
  • The deal was formed through a joint venture between Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services.
  • PowerBand expects this development to position the company as a leader in the vehicular leasing market.
  • PowerBand’s share price is up by 2 per cent, with shares trading at $0.26 apiece.

PowerBand Solutions (PBX) has made a deal with software company RouteOne LLC.

The deal will make PowerBand’s sales and leasing platform available to thousands of Canadian and U.S. automotive dealerships.

The agreement was formed through a joint venture between Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services,

PowerBand’s cloud-based platform allows customers and dealers to quickly and efficiently trade, buy, sell, auction, and lease vehicles.

An innovative transaction technology owned by MUSA Auto Finance LLC will also be available through RouteOne’s platform. PowerBand has a majority share in MUSA, a company which gained a national leasing partnership contract with Tesla Motors in 2018.

MUSA’s transaction technology can calculate a lease, approve it in less than 8 seconds, and prefill a lease contract.

PowerBand expects to see a significant spike in financing and auction transactions on its leasing and remarketing platforms.

The company also anticipates a rise in activity on D2D Automotive Auctions. D2D is an online auction platform co-owned by PowerBand and JB Hunt Transport Director, Bryan Hunt.

PowerBand’s President and CEO, Kelly Jennings, predicted great things from the arrangement. “Our agreement with RouteOne means many thousands of dealers and car consumers across the U.S. and Canada will have PowerBand at their fingertips – revolutionising how we buy, sell, and trade vehicles by removing unnecessary middlemen and delays.”

“Not only will PowerBand generate revenue from new and used vehicle leases, there will also be revenue generated through PowerBand’s online auction platforms, as a result of consumers trading in their vehicles for new leased vehicles.”

“PowerBand is now well-positioned to be a leader in the vehicle-leasing market in the U.S. and Canada.”

PowerBand’s share price is up by 2 per cent, with shares trading at $0.26 apiece.

More From The Market Herald

" CN (TSX:CNR) announces NCIB

CN (CNR) has announced the repurchase of its shares under a new normal course issuer bid.

" New Flyer (TSX:NFI) receives additional order from Ohio’s COTA

NFI Group (NFI) subsidiary New Flyer received a new order from Central Ohio Transit Authority (COTA).

" The Limestone Boat Company (TSXV:BOAT) confirms pending restructure

The Limestone Boat Company (BOAT) has provided a notice of default under its trust indenture between Limestone and TSX Trust Company.

" Canadian Pacific Railway Limited (TSX:CP) reaches tentative collective agreement with Unifor

Canadian Pacific Railway Limited (CP) has reached a tentative collective agreement with Unifor on a new contract for its mechanical employees in Canada.